SINGAPORE: The South Korean won led gains among emerging Asian currencies on Wednesday as fears of an immediate military conflict in Ukraine subsided and the Chinese yuan extended gains.
The yuan rose as traders said the central bank was spotted reducing its intervention in the market after having engineered a sudden depreciation of the yuan since last month.
South Korea's won gained as investors added bullish bets following its gains in overnight non-deliverable markets.
Local importers, however, bought dollars for payments, limiting the won's appreciation, traders said.
The Thai baht gained as Bangkok shares hit a near three-month high, while some investors took profits on the second best-performing emerging Asian currency of the year.
The Taiwan dollar advanced on inflows from foreign financial institutions for the island's stocks.
Comments
Comments are closed for this article.